Brokerages Set Rio Tinto Group (NYSE:RIO) Target Price at $73.00

Rio Tinto Group (NYSE:RIO - Get Free Report) has been given an average recommendation of "Buy" by the eleven brokerages that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $73.00.

A number of research analysts have issued reports on RIO shares. StockNews.com cut shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Barclays restated an "overweight" rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. JPMorgan Chase & Co. began coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They set an "overweight" rating on the stock. Finally, Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th.

Institutional Trading of Rio Tinto Group

A number of hedge funds have recently modified their holdings of the stock. Wayfinding Financial LLC acquired a new position in Rio Tinto Group in the first quarter valued at approximately $30,000. Rakuten Securities Inc. increased its holdings in shares of Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after purchasing an additional 211 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Mechanics Financial Corp acquired a new position in shares of Rio Tinto Group in the 4th quarter valued at $29,000. Finally, Pandora Wealth Inc. purchased a new stake in Rio Tinto Group during the first quarter worth $30,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Group Stock Down 0.2%

NYSE RIO traded down $0.13 during trading on Friday, hitting $62.26. The company's stock had a trading volume of 2,127,932 shares, compared to its average volume of 2,843,322. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The company has a market cap of $78.07 billion, a PE ratio of 9.65, a P/E/G ratio of 0.42 and a beta of 0.73. The business's 50 day simple moving average is $59.74 and its 200-day simple moving average is $60.96. Rio Tinto Group has a fifty-two week low of $51.67 and a fifty-two week high of $74.24.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were paid a dividend of $2.23 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a dividend yield of 7%. This is a positive change from Rio Tinto Group's previous semi-annual dividend of $1.77. Rio Tinto Group's dividend payout ratio (DPR) is presently 69.15%.

Rio Tinto Group Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.